Toto (5332) Q3 2025 earnings summary

Executive summary

• Net sales for the nine months ended December 31, 2024, rose 3.3% year-over-year to ¥542.3 billion, with operating profit up 26% to ¥41.5 billion.

• Profit attributable to owners of parent increased 37% year-over-year to ¥36.4 billion, with EPS at ¥214.58.

• International Housing Equipment and New Domain businesses drove profit growth, while Japan Housing Equipment saw higher sales but lower profits.

Financial highlights

• Gross profit improved to ¥194.4 billion from ¥179.1 billion year-over-year.

• Ordinary profit increased to ¥45.5 billion, up 21% year-over-year.

• Profit before income taxes was ¥52.6 billion, up from ¥40.3 billion in the prior year period.

• Total assets grew to ¥801.4 billion as of December 31, 2024, with net assets at ¥530.8 billion and an equity ratio of 65.2%.

• Operating margin improved to 7.7% from 6.3% YoY.

Outlook and guidance

• Progressing in line with medium-term management plan, focusing on growth in Americas, Asia, and Advanced Ceramics.

• Full-year net sales forecast is ¥730 billion, up 3.9% YoY, with operating and ordinary profit both projected at ¥48 billion.

• Profit attributable to owners of parent is forecast at ¥36 billion, a 6.8% decrease YoY, and EPS is expected at ¥212.20.

• Annual dividend per share is projected at ¥100.00, unchanged from the previous year.

• Strategy remains unchanged despite challenges in Mainland China; structural reforms planned for China business.